Home / Insights / Lifting of US crude export ban and its impact on the global market

insights-espresso-icon article

Lifting of US crude export ban and its impact on the global market

Espresso-live Speakers
by Aravinda Kumar Sikharam , Research Analyst, Oil and Gas
20 October 2016

Abstract

The U.S., the largest consumer, producer and the importer of the crude oil in the world has lifted the 40-year-old ban on crude exports. This was the result of a three-year-long negotiation between US producers and the Congress.

This article focuses on the lifting of the US crude export ban and its implications.

Lifting of US crude export ban and its impact

In 1975, the U.S. government passed the Energy Policy and Conservation Act (EPCA) that banned crude oil export, except to Canada. The law was passed after the price of crude oil increased from $21 to $51 within a month because of the Arab oil embargo.

During the late-eighties, the U.S. crude production started declining after reaching the peak of 8.7 mbpd in 1985; and hit low at 5mbpd in 2007.

SHARE
Linkedin Twitter Facebook
Leave a comment

Please enter a valid name

Post your comment

Please select captcha

Instagram

Get more stories like this

Subscirbe for more news,updates and insights from Beroe